Growing penetration of smartphone is fostering the growth of the mobile phone accessories market

 

Mobile Phone Accessories Market

Mobile phone accessories are those extras that help make your mobile phone work better. They are usually made by the same company that produces the phone but they can be very different from one another. Most mobile phone manufacturers have a huge range of mobile phone accessories available for you to buy. There are also some accessories that come as a free gift with your phone. Smartphones are constantly being upgraded to provide users with the best experience possible.

The rise in adoption of smartphones due to the increasing penetration of the internet around the globe is propelling the growth of the mobile phone accessories market. International Telecommunication Union, estimates that at the end of 2019, a bit more than 51 percent of the global population, or 4 billion people, are using the Internet.​​ The growing popularity of wireless accessories such as earphones and Bluetooth for listening to music coupled with the increasing disposable income of the consumers is again augmenting the growth of the market. Moreover, expanding social networking sites across urban areas is further projected to foster the growth of the mobile phone accessories market. Furthermore, increasing advancement in mobile accessories is again anticipated to accelerate the growth of the market.

The Asia Pacific is projected to gain significant growth over the forecast period and this is attributed to the high penetration of consumer electronic products in the region. According to the  India Brand Equity Foundation, the Indian appliance and consumer electronics (ACE) market reached Rs. 76,400 crore (US$ 10.93 billion) in 2019. Appliances and consumer electronics industry is expected to double to reach Rs. 1.48 lakh crore (US$ 21.18 billion) by 2025.

Key Developments:

1.      In July 2018, M- tech Mobile launched a new mobile accessories brand "Nexez". The accessories brand include five categories -- headphone, earphone, Bluetooth speaker, power bank and USB cable and charger

2.      In September 2020, HMD Global the home of Nokia phones, announces two new launches to its entry-level smartphone family, the Nokia 3.4 and Nokia 2.4, a new accessories range, and HMD Connect Pro offering enterprises a secure and transparent global data roaming service

3.      In August 2020, Beetel announced its plan to make a foray into the mobile phone accessory segment with the brand name ''Flix'', and targets to get a business of around Rs 300 crore by the end of 2021


Location: India

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